Online and digital marketing services are in a grand and exciting flux with things like dynamic marketing getting more flexible and sophisticated. In the mortgage market which has been skewed towards traditional methods, with banks retaining large parts of the markets, digital presence of mortgage lenders is changing the scenario.
Non-bank and digital mortgage servicing is a hit for a very obvious reason, which is that they are customer-friendly. The tech is often marketed as customer-friendly too, proving that there is a real need.
Unlike banks which are traditionally uncomfortable for those who want to borrow money (and most other people to be honest), digital services can seem like a nonjudgmental space for those looking for the best deal. All the information can be accessed from home or in a comfortable atmosphere.
Some digital mortgage services that are gaining in popularity include:
- Digital Application Takers
Digitising the application process leads to a situation where borrowers can access all the information and track the progress of their mortgage application. The borrower gains power by being able to keep track of the various steps in the digital mortgage process without extra work.
This streamlines the process for lenders as well, since much of the communication happens online, in a traceable way. The discussion and processing can happen almost simultaneously with digital mortgage applications once the borrower has made their decisions.
There is no missing paperwork problem to worry about and with a visible list of required documents; borrowers can handle the document check without issue.
- Home Market Research
Want to buy a home? There’s an app for that.
Apps and online marketplaces for home buying is a huge hit. And why not? You can
- Compare the lists of pros and cons of your favourite places right on the screen.
- Customers can ‘window-shop’ for houses or apartments without going to a real estate dealer.
- The site will often have listings not available anywhere else
- They may help with finding agents or other additional matters. On a site, you can read reviews and select from a big list, with a lot of options.
- Pre-Approval
Pre-approval apps get realtors and loan officers to digitise their process. They promise to remove the repetitive and useless aspects of the work and promote customer engagement.
Dealing with digital risk mortgage problems becomes easier when the mundane tasks are taken care of by software.
Lenders can see results faster when loan officers can focus on customers who are more serious and engaged. This is also helped by pre-approval websites which promise to help with helping them give customers what they want.
The other way that mortgages have become digitised is the ‘all in one’ solution method. Where a digital mortgage marketplace has been built up.
There are quite a few lenders who are now jumping on this bandwagon. Going for an online mortgage can allow for some antiquated systems to be left behind. There are applications where the borrower can directly share their financial information with the mortgage application so as to remove the hassle of doing and redoing the financial paperwork.
With digital mortgage companies and a streamlined one-place process, borrowers get approval more quickly than they could otherwise have hoped and lenders and loan officers can get results fast. Finding affordable mortgage solutions is much easier with the digital mortgage services.
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References:
http://www.pwc.com/us/en/consumer-finance/digital-mortgage-streamlining-borrower-experience.html
http://www.zillow.com/blog/can-mortgage-process-be-digital-191267/
https://www.cml.org.uk/events/digital-innovation-in-the-mortgage-market-395/
